Asian Shares End On Firm Note Ahead Of US CPI Data

(RTTNews) - Asian stocks eked out modest gains on Wednesday as investors awaited U.S. consumer inflation data as well as Fed minutes from the March meeting for clues on the monetary path of the central bank.

U.S. core inflation is forecast to ease both on a monthly and yearly basis in March. Gold edged higher on dollar weakness and bond yields were relatively steady following mixed comments from Federal Reserve officials about further policy tightening.

While Chicago Fed President Austan Goolsbee argued the Fed should exercise "prudence and patience," New York Fed President John Williams said officials have more work to do to tackle inflation.

Oil prices were slightly higher in Asian trading, adding to overnight gains after industry data showed crude inventories rose by about 380,000 barrels in the week ended April 7.

Chinese shares rose as data showed new bank lending in the country hit an all-time high in the first quarter.

The benchmark Shanghai Composite index edged up 0.41 percent to 3,327.18 while Hong Kong's Hang Seng index fell 0.86 percent to 20,309.86.

Seoul stocks ended higher for a fourth straight session, with Hyundai Motor, Kia Corp and POSCO Holdings rising 1-3 percent. The Kospi average finished 0.11 percent higher at 2,550.64 after choppy trading.

Japanese stocks advanced after Berkshire Hathaway chairman Warren Buffett in an interview said that he has raised his holdings in five Japanese trading houses.

Investors shrugged off data showing that Japan's core machinery orders fell 4.5 percent in February from the previous month.

The Nikkei average climbed 0.57 percent to 28,082.70 while the broader Topix index closed 0.76 percent higher at 2,006.92.

Itochu Corp, Marubeni Corp, Mitsubishi Corp, Mitsui & Co and Sumitomo Corp jumped 2-3 percent lifted by Buffett's strong message.

Construction machinery maker Komatsu rallied 3.3 percent after reporting a 4 percent rise in use of its equipment in China through March.

Australian markets closed higher for a second straight session, led by miners.

The benchmark S&P/ASX 200 rose 0.47 percent to 7,343.90, marking its highest closing level since March 7. The broader All Ordinaries index settled 0.46 percent higher at 7,538.90.

BHP, Rio Tinto and Fortescue Metals Group jumped 2-3 percent. Coal miner Whitehaven Coal tumbled 3.2 percent after cutting its 2023 production guidance.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index gained 0.37 percent to close at 11,917.50.

U.S. stocks ended mixed overnight after the International Monetary Fund cut its global growth forecast and warned it was too soon to sound the all-clear from the banking turmoil.

The S&P 500 finished marginally lower and the tech-heavy Nasdaq Composite dropped 0.4 percent, while the Dow gained 0.3 percent.